N-Q 1 a_munisectrust.htm JOHN HANCOCK MUNICIPAL SECURITIES TRUST a_munisectrust.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 5968

John Hancock Municipal Series Trust
(Exact name of registrant as specified in charter)

601 Congress Street, Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Alfred E. Ouellette, Senior Attorney and Assistant Secretary

601 Congress Street

Boston, Massachusetts 02210

(Name and address of agent for service)

Registrant's telephone number, including area code: 617-663-4324

Date of fiscal year end:  August 31 
 
Date of reporting period:  November 30, 2006 


ITEM 1. SCHEDULE OF INVESTMENTS




John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

  Interest  Maturity  Credit  Par value   
State, issuer, description  rate (%)  date  rating (A)  ($000)  Value 
Tax-exempt long-term bonds 99.96%            $485,377,050 

(Cost $435,238,515)           
 
Arizona 0.49%          2,394,554 

Arizona Health Facilities Auth,           
Rev Ref Phoenix Memorial           
Hosp (G)(H)  8.200  06-01-21  D  2,150  43,000 
Maricopa County Industrial Development Auth,           
Rev Mtg Back Secs Prog Ser 1998B  6.200  12-01-30  Aaa  445  447,394 
Navajo County Industrial Development Auth,           
Rev Stone Container Corp Proj (G)  7.200  06-01-27  B  1,000  1,029,990 
Phoenix Civic Improvement Corp District,           
Rev Cap Apprec Civic Plaza           
Ser 2005B (Zero to 07-01-13, then           
5.500%) (O)  Zero  07-01-28  AAA  1,000  874,170 
 
California 23.94%          116,248,878 

California Pollution Control Financing Auth,           
Rev Chemical Waste Mgmt Inc Proj           
Ser 2005C  5.125  11-01-23  BBB  3,000  3,172,440 
California, State of,           
Gen Oblig Unltd  5.250  11-01-18  A+  3,000  3,278,040 
Gen Oblig Unltd  5.125  04-01-23  A+  2,000  2,153,580 
Rev Economic Recovery           
Ser 2004C-5 (P)  3.350  07-01-23  AA+  2,700  2,700,000 
Foothill/Eastern Transportation Corridor           
Agency,           
Rev Ref Toll Rd Cap Apprec  Zero  01-15-25  BBB-  5,000  1,809,700 
Rev Toll Rd Cap Apprec Sr Lien           
Ser 1995A  Zero  01-01-19  AAA  30,000  18,390,900 
Rev Toll Rd Sr Lien Ser 1995A  6.000  01-01-16  AAA  19,800  21,295,494 
Golden State Tobacco Securitization Corp,           
Rev Asset Backed Bond Ser 2003B  5.375  06-01-28  AAA  2,500  2,653,275 
Madera, County of,           
Rev Cert of Part Valley Childrens           
Hosp  6.500  03-15-15  AAA  13,185  15,349,713 
Millbrae, City of,           
Rev Magnolia of Milbrae Proj           
Ser 1997A (G)  7.375  09-01-27  BB  1,750  1,821,820 
Sacramento City Financing Auth,           
Rev Convention Ctr Hotel Sr           
Ser 1999A (G)  6.250  01-01-30  BB+  4,000  4,171,040 
San Bernardino, County of,           
Rev Ref Cert of Part Med Ctr Fin           
Proj  5.500  08-01-17  AAA  9,130  10,167,259 
Rev Ref Cert of Part Med Ctr Fin           
Proj  5.500  08-01-22  A  2,500  2,824,000 

Page 1


John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

San Diego Redevelopment Agency,           
Rev Tax Alloc City Heights Proj           
Ser 1999A (G)  5.750  09-01-23  BB  25  25,853 
San Joaquin Hills Transportation Corridor           
Agency,           
Rev Toll Rd Conv Cap Apprec           
Ser 1997A (Zero to 1-15-07, then           
5.650%) (O)  Zero  01-15-07  BB-  10,000  10,073,400 
Rev Toll Rd Jr Lien  Zero  01-01-10  AAA  6,250  5,596,625 
Rev Toll Rd Sr Lien  Zero  01-01-14  AAA  5,000  3,848,050 
Rev Toll Rd Sr Lien  Zero  01-01-17  AAA  4,900  3,292,849 
Rev Toll Rd Sr Lien  Zero  01-01-20  AAA  2,000  1,174,400 
Santa Ana Financing Auth,           
Rev Lease Police Admin & Hldg           
Facil Ser 1994A  6.250  07-01-19  AAA  2,000  2,450,440 
 
Colorado 0.86%          4,164,770 

E-470 Public Highway Auth,           
Rev Cap Apprec Sr Ser 2000B  Zero  09-01-34  BBB-  7,000  1,004,360 
Northwest Parkway Public Highway Auth,           
Rev 1st Tier Sub Ser 2001D  7.125  06-15-41  CCC  3,000  3,160,410 
 
Delaware 0.67%          3,245,700 

Charter MAC Equity Issuer Trust,           
Preferred Tax Exempt Shares,           
Ser A-4-1 (S)  5.750  04-30-15  A3  3,000  3,245,700 
 
Florida 6.13%          29,779,346 

Aberdeen Community Development District,           
Rev Spec Assessment (G)  5.500  05-01-36  BB+  2,250  2,296,552 
Bonnet Creek Resort Community Development           
District,           
Rev Spec Assessment (G)  7.375  05-01-34  BB+  1,500  1,653,195 
Rev Spec Assessment (G)  7.250  05-01-18  BB+  1,000  1,106,240 
Capital Projects Finance Auth,           
Rev Student Hsg Cap Projs Ln Prog           
Ser 2000A (G)  7.850  08-15-31  AA  3,500  4,064,795 
Rev Student Hsg Cap Projs Ln Prog           
Ser 2001G (G)  9.125  10-01-11  BBB  900  953,037 
Capital Trust Agency,           
Rev Seminole Tribe Convention           
Ser 2003A  8.950  10-01-33  AAA  3,000  3,703,350 
Crossings at Fleming Island Community           
Development District,           
Rev Ref Spec Assessment           
Ser 2000C (G)  7.100  05-01-30  BBB-  1,000  1,074,950 
Hernando, County of,           
Rev Criminal Justice Complex  7.650  07-01-16  AAA  500  659,815 
Midtown Miami Community Development District,           
Rev Spec Assessment Ser 2004A (G)  6.000  05-01-24  BB  1,750  1,897,875 

Page 2


John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

Orange County Health Facilities Auth,           
Rev Orlando Regional Healthcare  5.750  12-01-32  A  1,000  1,111,720 
Orange County School Board,           
Rev Ref Cert of Part Ser 1997A  Zero  08-01-13  Aaa  5,000  3,877,150 
Orlando Urban Community Development District,           
Rev Spec Assessment Cap Imp           
Ser 2001A (G)  6.950  05-01-33  BB+  2,500  2,710,100 
Orlando Utilities Commission,           
Rev Ref Wtr & Elec Sys Sub           
Ser 1989D  6.750  10-01-17  AA  2,200  2,652,012 
Pinellas County Educational Facilities Auth,           
Rev Barry Univ Proj  5.875  10-01-30  AA  1,260  1,357,259 
Stoneybrook West Community Development           
District,           
Rev Spec Assessment Ser 2000A (G)  7.000  05-01-32  BBB-  410  439,721 
Rev Spec Assessment Ser 2000B (G)  6.450  05-01-10  BBB-  220  221,575 
 
Georgia 5.01%          24,305,391 

Atlanta, City of,           
Rev Tax Alloc Eastside Proj           
Ser 2005B (G)  5.600  01-01-30  BB+  1,000  1,042,980 
Georgia Municipal Electric Auth,           
Rev Preref Ser 1993Z  5.500  01-01-20  AAA  150  172,687 
Rev Preref Ser 1998Y  6.500  01-01-17  AAA  60  70,919 
Rev Ref Pwr Ser 1993BB  5.700  01-01-19  A+  1,000  1,135,990 
Rev Ref Pwr Ser 1993C  5.700  01-01-19  AAA  5,000  5,853,300 
Rev Ref Pwr Ser 1994EE  7.250  01-01-24  AAA  2,000  2,792,780 
Rev Ref Pwr Ser 1998Y  6.500  01-01-17  AAA  145  178,913 
Rev Unref Bal Ser 1993Z  5.500  01-01-20  AAA  5,690  6,407,907 
Rev Unref Bal Ser 1998Y  6.500  01-01-17  AAA  4,635  5,515,465 
Monroe County Development Auth,           
Rev Ref Poll Control Oglethorpe           
Pwr Corp Scherer Ser 1992A  6.800  01-01-12  A  1,000  1,134,450 
 
Illinois 6.93%          33,641,499 

Chicago Board of Education,           
Gen Oblig Cap Apprec School           
Reform Ser 1998B-1  Zero  12-01-15  AAA  3,000  2,109,900 
Geb Oblig Unltd Ser 2005A  5.500  12-01-26  AAA  5,290  6,400,054 
Chicago, City of,           
Gen Oblig Tax Alloc Jr Pilsen           
Redev Ser 2004B (G)  6.750  06-01-22  BBB+  3,000  3,287,580 
Illinois Development Finance Auth,           
Rev Ref Commonwealth Edison Co           
Proj  5.850  01-15-14  AAA  3,000  3,390,360 
Illinois Finance Auth,           
Rev Landing at Plymouth Place           
Proj Ser 2005A (G)  6.000  05-15-37  BB  1,000  1,065,070 
Kane County Community School District No. 304,           
Gen Oblig Unltd Cap Apprec           
Ser 2004A  Zero  01-01-17  Aaa  4,705  3,118,333 

Page 3


John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

Metropolitan Pier & Exposition Auth,           
Rev Ref Cap Apprec McCormick Proj  Zero  06-15-15  AAA  1,000  716,640 
Rev Ref Cap Apprec McCormick Proj           
Ser 1996A  Zero  12-15-16  AAA  2,330  1,563,896 
Round Lake Beach, Village of,           
Rev Spec Tax Lakewood Grove Spec           
Serv Area No. 1 (G)  6.700  03-01-33  BBB-  1,000  1,078,560 
Southern Illinois University,           
Rev Cap Apprec Housing & Auxilary           
Sys Ser 1993A  Zero  04-01-15  AAA  1,000  721,460 
Will County Community Unit School District No.           
201,           
Gen Oblig Cap Apprec Crete-Monee  Zero  11-01-13  Aaa  3,340  2,567,124 
Gen Oblig Cap Apprec Crete-Monee  Zero  11-01-16  Aaa  2,900  1,950,627 
Will County Community Unit School District No.           
365,           
Gen Oblig Cap Apprec Comp Int           
Ser 1997B  Zero  11-01-14  AAA  3,510  2,585,606 
Gen Oblig Unltd Ref  Zero  11-01-21  AAA  5,780  3,086,289 
 
Indiana 0.22%          1,052,420 

Vanderburgh County Redevelopment Commission,           
Rev Dist Tax Increment  5.000  02-01-26  A-  1,000  1,052,420 
 
Iowa 1.18%          5,717,943 

Iowa Finance Auth,           
Rev Ref Hlth Facil Care           
Initiatives Proj Ser 2006 A  5.500  07-01-21  BBB-  1,250  1,329,388 
Rev Ref Hlth Facil Care           
Initiatives Proj Ser 2006 A  5.500  07-01-25  BBB-  1,250  1,331,375 
Iowa Tobacco Settlement Auth,           
Rev Asset Backed Bond Cap Apprec           
Ser 2005B  Zero  06-01-34  BBB  3,000  3,057,180 
 
Kansas 0.32%          1,571,985 

Wyandotte, County of,           
Rev Ref Sales Tax 2nd Lien Area B  5.000  12-01-20  BBB-  1,500  1,571,985 
 
Kentucky 1.18%          5,749,083 

Kentucky Economic Development Finance Auth,           
Rev Preref Norton Healthcare           
Ser 2000C  6.100  10-01-21  AAA  1,770  2,048,633 
Rev Unref Bond Balance Norton           
Ser 2000C  6.100  10-01-21  AAA  3,230  3,700,450 
 
Lousiana 0.17%          835,050 

Jefferson Parish Home Mortgage Auth,           
Rev Ref Single Family Mtg           
Ser 1999B  6.750  06-01-30  Aaa  835  835,050 

Page 4


John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

Maryland 1.09%          5,307,850 

Baltimore Convention Center,           
Rev Hotel Ser 2006B  5.875  09-01-39  BB  1,000  1,065,130 
Municipal Mortgage & Equity, LLC,           
Bond (S)  6.875  06-30-49  A3  4,000  4,242,720 
 
Massachusetts 6.57%          31,888,725 

Massachusetts Bay Transportation Auth,           
Rev Ref Sales Tax Ser 2005B  5.500  07-01-28  AAA  5,000  6,126,750 
Massachusetts Health & Educational Facilities           
Auth,           
Rev Civic Investments Inc           
Ser 2002B (G)  9.200  12-15-31  BB  3,500  4,326,805 
Rev Ref Partners Healthcare Sys           
Ser 2001C  5.750  07-01-32  AA  2,000  2,176,840 
Massachusetts Industrial Finance Agency,           
Rev Assisted Living Facil Newton           
Group Properties  8.000  09-01-27  AAA  1,305  1,381,238 
Massachusetts School Building Auth,           
Rev Dedicated Sales Tax Ser 2005A  5.000  08-15-22  AAA  5,540  5,985,970 
Massachusetts Special Obligation Dedicated Tax,           
Rev  5.250  01-01-26  AAA  2,000  2,206,040 
Massachusetts Water Pollution Abatement Trust,           
Rev Unref Bal Ser 1994A  6.375  02-01-15  AAA  75  75,162 
Massachusetts, Commonwealth of,           
Gen Oblig Unltd Ref Ser 2004C  5.500  12-01-24  AAA  8,000  9,609,920 
 
Michigan 0.23%          1,115,840 

Kent Hospital Finance Auth,           
Rev Met Hosp Proj Ser 2005A  6.000  07-01-35  BBB  1,000  1,115,840 
 
Minnesota 1.10%          5,321,675 

St. Cloud, City of,           
Rev Ref St Cloud Hosp Oblig Group           
Ser 2000A  5.875  05-01-30  Aaa  2,000  2,151,420 
St. Paul Housing & Redevelopment Auth,           
Rev Healtheast Hosp Proj  6.000  11-15-35  BB+  1,500  1,671,495 
Rev Healthpartners Oblig Group           
Proj  5.250  05-15-36  BBB  1,410  1,498,760 
 
Missouri 0.23%          1,104,075 

Fenton, City of,           
Rev Ref Tax Increment Imp Gravois           
Bluffs  7.000  10-01-21  AAA  955  1,104,075 
 
Nebraska 0.29%          1,403,220 

Omaha Public Power District,           
Rev Ref Elec Imp Ser 1992B  6.200  02-01-17  Aa2  1,200  1,403,220 

Page 5


John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

Nevada 0.01%          25,064 

Nevada, State of,           
Gen Oblig Ltd Unref Bal Ser 1992A  6.750  07-01-09  AA+  25  25,064 
 
New Hampshire 0.29%          1,384,888 

New Hampshire Health & Education Facilities           
Auth,           
Rev Exeter Proj  6.000  10-01-24  A+  1,250  1,384,888 
 
New Jersey 4.64%          22,543,995 

New Jersey Economic Development Auth,           
Rev Cigarette Tax  5.500  06-15-24  BBB  3,000  3,186,870 
Rev Ref Newark Airport Marriot           
Hotel  7.000  10-01-14  Ba3  2,000  2,071,860 
New Jersey Health Care Facilities Financing           
Auth,           
Rev Care Institute Inc Cherry           
Hill Proj (G)  8.000  07-01-27  BB  1,120  1,149,355 
New Jersey Tobacco Settlement Financing Corp,           
Rev Asset Backed Bond  6.750  06-01-39  BBB  5,000  5,749,650 
Rev Asset Backed Bond  6.250  06-01-43  BBB  4,000  4,486,560 
New Jersey Transportation Trust Fund Auth,           
Rev Ref Trans Sys Ser 2006A  5.500  12-15-23  AA-  5,000  5,899,700 
 
New Mexico 0.43%          2,073,600 

Farmington, City of,           
Rev Ref Poll Control Tucson Elec           
Pwr Co Ser 1997A  6.950  10-01-20  B+  2,000  2,073,600 
 
New York 10.56%          51,294,298 

Dutchess County Resource Recovery Agency,           
Rev Resource Recovery Solid Waste           
Sys Ser 1999A  5.350  01-01-12  AAA  510  545,124 
Long Island Power Auth,           
Rev Ref Elec Sys Ser 2006A  5.000  12-01-24  AAA  5,000  5,412,600 
Nassau County Industrial Development Agency,           
Rev Ref Civic Facil North Shore           
Hlth Sys Projs Ser 2001B  5.875  11-01-11  A3  610  643,428 
New York City Industrial Development Agency,           
Rev American Airlines JFK Intl           
Arpt  7.625  08-01-25  B  2,500  3,002,675 
Rev Liberty 7 World Trade Ctr           
Ser 2005A (G)  6.250  03-01-15  BB-  2,000  2,134,560 
Rev Ref Terminal One Group Assn           
Proj  5.500  01-01-24  BBB+  1,500  1,640,055 
New York City Municipal Water Finance Auth,           
Rev Preref Wtr & Swr Sys Ser 2000B  6.000  06-15-33  AA+  365  398,624 
Rev Unref Bal Wtr & Swr Sys           
Ser 2000B  6.000  06-15-33  AA+  375  407,190 

Page 6


John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

New York City Transitional Finance Auth,           
Rev Ref Future Tax Sec Ser 2002A           
(Zero to 11-01-11 then           
14.000%) (O)  Zero  11-01-29  AAA  5,000  4,168,800 
New York Liberty Development Corp,           
Rev Goldman Sachs Headquarters  5.250  10-01-35  A+  3,500  4,163,600 
Rev National Sports Museum Proj           
Ser2006A (G)  6.125  02-15-19  BB-  1,000  1,063,980 
New York State Dormitory Auth,           
Rev City Univ Sys Consol 2nd           
Generation Ser 1993A  5.750  07-01-09  AA-  1,000  1,041,220 
Rev Personal Income Tax Ser 2005F  5.000  03-15-30  AAA  4,000  4,291,360 
Rev Preref Ser 1990B  7.500  05-15-11  AA-  160  177,318 
Rev Ref State Univ Edl Facil           
Ser 1993A  5.500  05-15-19  AA-  1,000  1,143,940 
Rev Unref Bal Ser 1990B  7.500  05-15-11  AA-  210  232,483 
New York State Environmental Facilities Corp,           
Rev Ref Poll Control (P)  10.484  06-15-11  AAA  2,000  2,614,100 
New York State Housing Finance Agency,           
Rev Ref State Univ Constr           
Ser 1986A  8.000  05-01-11  AAA  2,000  2,212,000 
Port Auth of New York & New Jersey,           
Rev Ref Spec Proj KIAC Partners           
Ser 4 (G)  6.750  10-01-19  BBB-  8,700  8,858,688 
Suffolk County Industrial Development Agency,           
Rev Ref Jeffersons Ferry Proj  5.000  11-01-28  BBB-  1,000  1,047,770 
Triborough Bridge & Tunnel Auth,           
Rev Ser 2006A  5.000  11-15-22  AA-  3,545  3,861,143 
Westchester Tobacco Asset Securitization Corp,           
Rev Asset Backed Bond (Zero to           
07-15-09, then 6.950%) (O)  Zero  07-15-09  AAA  2,000  2,233,640 
 
North Carolina 0.44%          2,140,500 

North Carolina Eastern Municipal Power Agency,           
Rev Ref Pwr Sys Ser 2003C  5.375  01-01-17  BBB  2,000  2,140,500 
 
Ohio 1.07%          5,187,878 

Cuyahoga, County of,           
Rev Ref Cleveland Clinic Hlth Sys           
Ser 2003A  5.750  01-01-25  A+  2,500  2,775,450 
Hamilton County Health Care,           
Rev Ref Life Enriching Community           
Proj Ser 2006A  5.000  01-01-37  BBB  2,000  2,068,800 
Student Loan Funding Corp,           
Rev Ref Cincinnati Student Loan           
Sub Ser 1991B (G)  8.875  08-01-08  BBB-  340  343,628 
 
Oklahoma 0.48%          2,314,540 

Tulsa Municipal Airport Trust,           
Rev Ref Ser 2000A (P)  7.750  06-01-35  B  2,000  2,314,540 

Page 7


John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

Oregon 0.78%          3,805,955 

Salem Hospital Facility Auth,           
Rev Salem Hospital Proj Ser 2006A  5.000  08-15-27  A+  2,500  2,668,225 
Western Generation Agency,           
Rev Wauna Cogeneration Proj           
Ser 2006B (G)  5.000  01-01-14  BBB-  1,100  1,137,730 
 
Pennsylvania 2.55%          12,399,822 

Allegheny County Industrial Development Auth,           
Rev Ref Environmental Imp  5.500  11-01-16  BB  2,500  2,657,825 
Allegheny County Redevelopment Auth,           
Rev Tax Alloc Pittsburgh Mills           
Proj (G)  5.600  07-01-23  BB+  1,000  1,069,570 
Carbon County Industrial Development Auth,           
Rev Reg Resource Recovery Panther           
Creek Partners Proj  6.700  05-01-12  BBB-  4,960  5,415,179 
Philadelphia Industrial Development Auth,           
Rev Commercial Marriot Hotel (G)  7.750  12-01-17  B+  3,250  3,257,248 
 
Puerto Rico 9.48%          46,035,352 

Puerto Rico Aqueduct & Sewer Auth,           
Rev Inverse Floater (Gtd) (P)  7.720  07-01-11  AAA  6,500  7,784,660 
Rev Ref Pars & Inflos (Gtd)  6.000  07-01-11  AAA  200  219,764 
Puerto Rico Highway & Transportation Auth,           
Rev Ser PA 114 (K)(P)  8.242  01-01-08  AAA  13,130  15,532,265 
Puerto Rico Public Buildings Auth,           
Rev Ref Govt Facils Ser 2002F           
(Gtd)  5.250  07-01-20  BBB  2,000  2,253,280 
Puerto Rico, Commonwealth of,           
Gen Oblig Unltd Ser 975 (P)  6.290  07-01-18  Aaa  2,915  3,416,263 
Rev Inverse Floater (P)  7.720  07-01-11  AAA  14,000  16,829,120 
 
Rhode Island 0.22%          1,092,420 

Tiverton, Town of,           
Rev Spec Oblig Tax Mount Hope Bay           
Village Ser 2002A (G)  6.875  05-01-22  BB+  1,000  1,092,420 
 
South Carolina 0.67%          3,244,956 

Dorchester County School District No. 2,           
Rev Growth Remedy Oppty Tax Hike  5.250  12-01-29  A  2,000  2,133,080 
Florence, County of,           
Rev Ind'l Dev Stone Container           
Proj (G)  7.375  02-01-07  B  1,110  1,111,876 
 
South Dakota 2.28%          11,064,200 

South Dakota Educational Enhancement Funding           
Corp,           
Rev Tobacco Settlement Asset           
Backed Bond Ser 2002B  6.500  06-01-32  BBB  10,000  11,064,200 

Page 8


John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

Tennessee 1.18%          5,713,000 

Tennessee Energy Acqusition Corp,           
Rev Gas Ser 2006A  5.250  09-01-24  A+  5,000  5,713,000 
 
Texas 3.86%          18,765,887 

Austin, City of,           
Rev Ref Combined Util Sys Ser 1998  6.750  11-15-10  AAA  3,125  3,481,406 
Bexar County Health Facilities Development           
Corp,           
Rev Ref Army Retirement Residence           
Proj  6.300  07-01-32  BBB-  1,000  1,092,370 
Brazos River Auth,           
Rev Ref Poll Control Texas           
Utilities Co Ser 1999A  7.700  04-01-33  BBB-  1,500  1,757,415 
Carroll Independent School District,           
Ref Cap Apprec Ser 2006C  Zero  02-15-16  AAA  1,005  694,545 
Harris, County of,           
Ref Note  Zero  08-15-16  AAA  6,000  4,070,760 
Houston Independent School District,           
Rev Cap Apprec Cesar E Chavez           
Ser 1998A  Zero  09-15-16  AAA  900  607,941 
Port Corpus Christi Industrial Development           
Corp,           
Rev Citgo Petroleum Corp Proj  8.250  11-01-31  BB  2,000  2,065,160 
Sabine River Auth,           
Rev Ref TXU Energy Co LLC Proj           
Ser 2003B  6.150  08-01-22  BBB-  1,000  1,090,290 
Rev Ref TXU Energy Co LLC Proj           
Ser 2005C  5.200  05-01-28  BBB-  3,750  3,906,000 
 
Utah 0.43%          2,102,433 

Mountain Regional Water Special Service           
District,           
Rev Spec Assessment Spec Imp Dist           
No. 2002-1 (G)  7.000  12-01-18  BBB+  895  917,393 
Salt Lake City Hospital,           
Rev Ref IHC Hosp Inc Ser 1998A  8.125  05-15-15  AAA  1,000  1,185,040 
 
Virgin Islands 0.21%          1,033,740 

Virgin Islands Water & Power Auth,           
Rev Ref Wtr Sys  5.500  07-01-17  Baa3  1,000  1,033,740 
 
Virginia 1.26%          6,110,300 

Pittsylvania County Industrial Development           
Auth,           
Rev Exempt Facil Ser 1994A (G)  7.550  01-01-19  BB  3,500  3,552,850 
Pocahontas Parkway Association,           
Rev Toll Rd Cap Apprec Sr           
Ser 1998B  Zero  08-15-19  AAA  5,000  2,557,450 

Page 9


John Hancock
Tax-Free Bond Fund
Securities owned by the Fund on

November 30, 2006 (unaudited)

Washington 1.60%          7,782,536 

Washington Public Power Supply System,           
Ref Rev Nuclear Proj No. 1           
Ser 1989B  7.125  07-01-16  AA-  1,500  1,884,435 
Washington Tobacco Settlement Auth,           
Rev Asset Backed Bond  6.500  06-01-26  BBB  4,290  4,736,031 
Washington, State of,           
Gen Oblig Unltd Ser 1990A  6.750  02-01-15  AA  1,000  1,162,070 
 
West Virginia 0.69%          3,346,722 

West Virginia State Hospital Finance Auth,           
Rev Preref Charleston Area Med Ctr  6.750  09-01-22  A2  2,400  2,683,080 
Rev Unref Bal Charleston Area Med           
Ctr  6.750  09-01-22  A2  600  663,642 
 
Wyoming 0.22%          1,066,960 

Sweetwater, County of,           
Rev Ref Solid Waste Disposal FMC           
Corp Proj  5.600  12-01-35  BBB-  1,000  1,066,960 
 
  Interest    Par value   
Issuer, description, maturity date  rate (%)    ($000)  Value 
Short-term investments 0.04%          $174,000 

(Cost $174,000)           
 
Joint Repurchase Agreement 0.04%          174,000 

Investment in a joint repurchase agreement           
transaction with UBS AG — Dated 11-30-06, due           
12-1-06 (Secured by U.S. Treasury Inflation           
Indexed Bonds 2.000%, due 1-15-26 and 3.625%,           
due 4-15-28 and U.S. Treasury Inflation Indexed           
Notes 0.875%, due 4-15-10, 1.875%, due 7-15-15,           
2.000%, due 7-15-14, 3.375%, due 1-15-07,           
3.375%, due 1-15-12, and 4.250%, due 1-15-10).           
Maturity value: $174,026  5.280      174  174,000 
 
 
Total investments (Cost $435,412,515) 100.00%        $485,551,050 

Page 10


John Hancock
Tax-Free Bond Fund
Footnotes to Schedule of Investments
November 30, 2006 (unaudited)

(A) Credit ratings are unaudited and are rated by Moody's Investors Service or Fitch where Standard & Poor's ratings are not available unless indicated otherwise.

(G) Security rated internally by John Hancock Advisers, LLC.

(H) Non-income-producing issuer filed for protection under the Federal Bankruptcy Code or is in default of interest payment.

(K) Direct placement securities are restricted to resale. They have been fair valued in accordance with procedures approved by the Trustees after consideration of restrictions as to resale, financial condition and prospects of the issuer, general market conditions and pertinent information in accordance with the Fund's bylaws and the Investment Company Act of 1940, as amended. The Fund has limited rights to registration under the Securities Act of 1933 with respect to these restricted securities. Additional information on these securities is shown on the direct placement table following these footnotes.

(O) Cash interest will be paid on this obligation at the stated rate beginning on the stated date.

(P) Represents rate in effect on November 30, 2006.

(S) These securities are exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold, normally to qualified institutional buyers, in transactions exempt from registration. Rule 144A securities amounted to $7,488,420 or 1.54% of the Fund's total investments as of November 30, 2006.

The percentage shown for each investment category is the total value of that category as a percentage of the total investments of the Fund.

The cost of investments owned on November 30, 2006, including short-term investments, was $435,412,515. Gross unrealized appreciation and depreciation of investments aggregated $51,920,739 and $1,782,204, respectively, resulting in net unrealized appreciation of $50,138,535.

Footnotes to Schedule of Investments - Page 1


John Hancock
Tax-Free Bond Fund
Direct Placement Securities
November 30, 2006 (unaudited)

      Value as a   
      percentage   
  Acquisition  Acquisition  of Fund's  Value as of 
Issuer, description  date  cost  total investments  November 30, 2006 

Puerto Rico Highway & Transportation Auth,         
- Rev Ser PA 114, 8.242%, 01-01-08  04-02-96  $14,925,160  3.20%  $15,532,265 

Direct Placement Securities




ITEM 2. CONTROLS AND PROCEDURES.

(a) Based upon their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this Form N-Q, the registrant's principal executive officer and principal accounting officer have concluded that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 3. EXHIBITS.

Separate certifications for the registrant's principal executive officer and principal accounting officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

John Hancock Municipal Series Trust

By: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: January 26, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Keith F. Hartstein
-------------------------------------
Keith F. Hartstein
President and Chief Executive Officer

Date: January 26, 2007

By: /s/ John G. Vrysen
-------------------------------------
John G. Vrysen
Chief Financial Officer

Date: January 26, 2007